Deutsche Bank Fined $124 Million by the US for Bribery and Fraud

DEUTSCHE BANK has agreed to pay fines of over $124 million rather than face US criminal charges of bribery and fraud.

Lawyers from one of Europe’s largest financial institutions told a New York City federal judge that the bank would pay the massive fine rather than face criminal indictment.

The German bank stands accused of several financial crimes, including “spoofing” traders into buying precious metals futures and bribing intermediaries to secure deals in Saudi Arabia. These recent allegations have severely tarnished the image of Deutsche Bank, which has been implicated in similar irregularities in the past.

“We take responsibility for these past actions, which took place between 2008 and 2017,” the bank said in a statement.

“Our thorough internal investigations, and full cooperation with the DOJ and SEC investigations of these matters, reflect our transparency and determination to put these matters firmly in the past.”

The bank is also being probed for its dubious connections to controversial Donald Trump, as it was one of the few financial institutions to make large loans to the outgoing President when he was a New York businessman facing bankruptcies in the early 1990s.

Deutsche Bank has also agreed to pay a massive settlement to New York for its dealings with deceased paedophile financier Jeffrey Epstein which may have broken the state’s compliance rules.

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